Couche-Tard extends offer deadline for Casey's

CHICAGO 
Canada's Alimentation Couche-Tard said Monday that it was extending its tender offer deadline by nearly a month as it continues to mount a $1.9 billion takeover of Casey's General Stores Inc.

The convenience store owner's $36-per-share tender offer expired on July 9 and is being extended to Aug. 6, the company said.

So far, holders of 19.2 percent of Casey's outstanding shares have agreed to tender their shares, even though Casey's executives have rejected the bid and sued the company claiming it violated U.S. securities laws by manipulating Casey's stock price during a takeover effort.

In a statement Monday, Casey's continued to say the hostile bid offers an unfairly low price for its stock and kept urging shareholders to reject the offer.

"The low number of shares tendered reflects what Casey's has heard from many shareholders - that this hostile, highly conditional offer is inadequate," the Ankeny, Ohio, company said in a statement.

Casey's operates about 1,500 convenience stores in the Midwest under the brands HandiMart, Just Diesel and Casey's. Couche-Tard has nearly 6,000 stores in Canada and the U.S. under the Circle K and Couche-Tard banners.

Casey shares slipped 6 cents to $35.78 in midday trading Monday.

(This version CORRECTS third paragraph to clarify holders of 19.2 percent of shares have tendered, not that Couche-Tard has acquired.)